courtesy Keppel Offshore

Keppel Offshore & Marine revealed Tuesday that its home and abroad businesses have secured S$85 million ($58.8 million) in work orders, including a third conversion job for Norway-based gas carrier Golar LNG's floating storage and re-gasificaiton vessels, or FSRUs.

A Group statement said two FSRUs and the refurbishment and life extension of a Floating Production Storage Offloading (FPSO) vessel.

After the Golar Spirit and Golar Winter, the new Golar job is on the Dubai-bound Golar Freeze, to be converted from a liquefied natural gas carrier with new re-gasification plant and power generators, plus upgrades of control, electrical and marine systems.

Chartered by Dubai Supply Authority, the FSRU will be permanently moored alongside a purpose-built jetty within the existing Jebel Ali port in Dubai.

When completed in 2Q 2010, Golar Freeze will be capable of storing 125,000 cubic meters of LNG. The vessel will also have a maximum gas send-out capacity of 480 million standard cubic feet of re-gasified LNG per day for further delivery into the Dubai gas network.

On the second contract, Keppel Shipyard will undertake the refurbishment and life extension of FPSO Four Vanguard, a floating production storage and offloading vessel to be converted in 2003 for Four Vanguard Serviços E Navegaçao Lda, a company of Premuda group.

To be completed in 4Q 2009, the FPSO will be moored in the Woollybutt field on the North West shelf of Western Australia.

Meanwhile, Keppel Nantong Shipyard has received an order to build two 45-ton bollard pull twin-screw Azimuth Stern Drive (ASD) tugboats from Keppel Smit Towage Pte Ltd (KST). These vessels will be built to Keppel O&M’s proprietary design, developed by its technology unit, Marine Technology Development.

Delivery of the two tugboats is expected in 2Q 2010. Including these vessels, Keppel Nantong is currently building a total of 11 tugboats for KST.

In Singapore, Keppel FELS secured a contract from Seadrill Ltd for the special survey, repair and upgrading of a jackup rig, West Janus.

Reinforcing its reputation for quick turnaround services, the rig is expected to be delivered by end-August 2009. The scope of work includes steel renewal, leg repairs, modification of the shaleshaker house and the replacement of the top drive system.

Over at Brownsville, Texas, Keppel AmFELS was awarded jobs by longtime customer, Diamond Offshore, for the repair, refurbishment and upgrading of two rigs.

Ocean Ambassador, a Bethlehem 2000 Class semisubmersible drilling rig, arrived at Keppel AmFELS for stability upgrade and repairs. The second unit, Ocean Summit, a Levingston Class 111-C jackup, underwent repairs and refurbishment at the yard.

Both rigs were redelivered to Diamond Offshore on time. Ocean Ambassador is enroute to her deployment offshore Brazil with OGX, while Ocean Summit has begun operations for PEMEX in Mexico.

The above contracts are not expected to have material impact on the net tangible assets or earnings per share of Keppel Corporation for the financial year ending 31 December 2009.

Tags: Keppel Offshore & Marine Limited